Howard Marks: Check risk, keep it niche

“Most great investments begin in discomfort,” says Howard Marks of Oaktree Capital Management, in his latest letter to investors.

“The things most people feel good about – investments where the underlying premise is widely accepted, the recent performance has been positive and the outlook is rosy – are unlikely to be available at bargain prices.”

Marks, who co-founded New York-listed Oaktree (US: OAK) 19 years ago, is well known for making these kinds of discomforting investments. One of his preferred strategies is distressed investing – buying “the debt of companies seemingly at [...]

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